[专业英语]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） >I$B=  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. #4vV%S  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: m b%C}8 D  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ]b4pI*:$I  
B. It continues the 2007 dividend payout ratio. h5L=M^z!>  
C. It uses a residual policy with all distributions in the form of dividends. |-~b$nUe  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). R%>jJ[4\[  
$Y8>_6%+T  
zP_]  
Err4 %-  
答案在楼下

Answer: I[}75:^Rt  
?n)Xw)]  
A: long-run growth rate x>}B#  
3*(1+10%) =3.3 million d)N^PJ/  
,Z^Ca15z  
B: target payout ratio O`cdQ
u  
Target payout ratio=3/15=20% \ jECSV|  
Dividend of 2008=18*2%=3.6 million ZAMeq P
t  
O/mR9[}  
C: residual dividend approach Ve)ClH/DW  
Retained earnings=total new investment*(1-debt ratio) ~|h lE z  
                 =12*(1-40%) w#oGX  
                 =7.2 million G 0hYFc u  
Residual dividend=18-7.2=10.8 million +}P%HH]E/p  
W7t >&3l  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) KacR?Al  
Regular dividend=3*(1+10%) =3.3 million !{;[xXK4M  
Extra dividend=residual dividend –regular dividend _}D%iJg#  
              =10.8-3.3 bG"HD?A_  
              =7.5 million ^ 7.XGWQ)-  
1Q]Rd  
"u_i[[y  
2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. uS~#4;R   
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. ny)]GvxI  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. C\7u<2c  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 9z:K1   
qP7G[%=v  
Answer: 3?Lgtkb8  
Notes: S.{fDcM  
Actual price=18560/3200=$5.8/unit X/l;s  
Actual quantity materials per unit=3200/2000=1.6 kg/unit ;+sl7qlA4  
</= CZy5w  
1).Standard quantity * standard price=standard total cost ;J]25j]]  
(1.5*2000)      *   6        =$18000 KF_?'X0=  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials WSRy%#  
（3200-3000）                *  6         =$1200 Wbe0ZnM]  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials k'Gw!p}  
3200         * (5.8 – 6)                    =$640 n@hl2M6.x9  
4)actual quantity *actual price =actual total cost um7o!yg,  
3200        * 5.8       =$18560 pE2QnNr'  

} ~| k  
3V?817&6z  
A：Price variance of direct materials=（actual price-standard price）*actual quantity Y6
A;AmM8  
                             = (5.8-6)*3200 `z9J`r=I  
                             = $640  【F】 9t?L\
  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. Pe}PH I  
Di>rO038  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price m[spn@SF  
                                  = (3200-3000)*6 }k7_'p&yk  
                                  =$1200   【U】 >"%ob,c:#  
W m . }Zh  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. Z, T#,  
)s)_XL  
JEhm1T  
C：Total variance of direct materials=actual costs- standard cost X P;Bhz3j  
                              =18560-18000 v`x|]-/M&  
                              =560  【U】